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Spanish (IBEX) Market Analysis & Valuation

UpdatedJul 22, 2026
DataAggregated Company Financials
Companies254
  • 7D0.3%
  • 3M5.9%
  • 1Y32.9%
  • YTD9.3%

In the last week, the market has stayed flat, however the Healthcare sector stood out, gaining 3.7%. As for the longer term, the market has risen 33% in the past 12 months. Earnings are forecast to grow by 11% annually.

Trending IndustriesRenewable Energy

Market Valuation and Performance

Has the Spanish Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Jul 2026€1.2t€595.4b€64.7b16x18.5x2x
Fri, 19 Jun 2026€1.2t€593.8b€64.7b16.6x18.6x2x
Sun, 17 May 2026€1.1t€593.5b€64.8b16.1x17.1x1.9x
Tue, 14 Apr 2026€1.1t€589.4b€62.9b17.4x18x1.9x
Thu, 12 Mar 2026€1.1t€588.7b€62.8b16.2x17.4x1.9x
Sat, 07 Feb 2026€1.1t€593.5b€67.0b17x16.8x1.9x
Mon, 05 Jan 2026€1.1t€598.5b€66.1b16.9x16.7x1.8x
Wed, 03 Dec 2025€1.0t€598.2b€65.9b17x15.8x1.7x
Fri, 31 Oct 2025€1.0t€594.4b€66.0b17.4x15.5x1.7x
Sun, 28 Sep 2025€981.9b€593.2b€65.7b18.1x14.9x1.7x
Tue, 26 Aug 2025€981.0b€592.8b€65.7b19.2x14.9x1.7x
Thu, 24 Jul 2025€909.6b€606.1b€65.0b18.7x14x1.5x
Sat, 21 Jun 2025€903.3b€589.3b€64.8b18.9x13.9x1.5x
Mon, 19 May 2025€914.9b€588.7b€64.8b18.4x14.1x1.6x
Wed, 16 Apr 2025€851.6b€582.6b€62.8b18.8x13.6x1.5x
Fri, 14 Mar 2025€842.7b€581.6b€63.2b18.6x13.3x1.4x
Sun, 09 Feb 2025€835.9b€579.3b€59.6b19.2x14x1.4x
Tue, 07 Jan 2025€793.3b€572.7b€57.2b19.3x13.9x1.4x
Thu, 05 Dec 2024€804.8b€572.9b€57.1b19.6x14.1x1.4x
Sat, 02 Nov 2024€803.2b€575.2b€58.2b19.4x13.8x1.4x
Mon, 30 Sep 2024€811.5b€571.7b€56.0b19.8x14.5x1.4x
Wed, 28 Aug 2024€774.3b€570.8b€56.0b19x13.8x1.4x
Fri, 26 Jul 2024€760.2b€567.9b€54.4b18x14x1.3x
Sun, 23 Jun 2024€755.7b€564.7b€53.5b17.7x14.1x1.3x
Tue, 21 May 2024€770.6b€563.2b€53.5b16.3x14.4x1.4x
Thu, 18 Apr 2024€712.0b€559.7b€50.5b15.9x14.1x1.3x
Sat, 16 Mar 2024€708.7b€561.0b€50.9b15.5x13.9x1.3x
Mon, 12 Feb 2024€669.1b€558.4b€56.1b15.1x11.9x1.2x
Wed, 10 Jan 2024€685.0b€557.4b€53.9b14.8x12.7x1.2x
Fri, 08 Dec 2023€690.5b€557.7b€53.7b15.4x12.9x1.2x
Sun, 05 Nov 2023€637.7b€560.0b€53.4b14.4x11.9x1.1x
Tue, 03 Oct 2023€648.0b€569.4b€51.1b14.9x12.7x1.1x
Thu, 31 Aug 2023€657.0b€569.4b€51.2b14.9x12.8x1.2x
Sat, 29 Jul 2023€663.1b€575.0b€51.6b16.7x12.8x1.2x
Price to Earnings Ratio

12.8x


Total Market Cap: €663.1bTotal Earnings: €51.6bTotal Revenue: €575.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Spanish Market Price to Earnings3Y Average 14.5x202420252026
Current Market PE
  • Investors are optimistic on the Spanish market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 18.5x which is higher than its 3-year average PE of 14.5x.
Past Earnings Growth
  • The earnings for Spanish listed companies have grown 7.8% per year over the last three years, while revenues have remained steady.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the Spanish Market?

ES Market0.34%
Healthcare3.65%
Tech2.70%
Energy2.12%
Consumer Staples1.79%
Financials0.60%
Utilities0.43%
Consumer Discretionary0.37%
Real Estate0.073%
Industrials-0.79%
Materials-1.00%
Telecom-2.30%
Sector PE
  • Investors favour the Industrials sector the most for future growth, which is trading above its 3-year average PE ratio of 24.2x.
    • Analysts are expecting annual earnings growth of 9.8%, which is lower than the prior year's growth of 17.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 73% over the next 5 years.
  • This is better than its past earnings decline of 33% per year.
  • In contrast, the Energy sector is expected to see its earnings grow by 3.1% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
CABK CaixaBank€12.913.3%
+€2.9b		71.4%PB2.4xFinancials
ITX Industria de Diseño Textil€54.100.7%
+€1.2b		28.7%PE26.8xConsumer Discretionary
ELE Endesa€40.452.3%
+€953.7m		53.2%PE18.1xUtilities
REP Repsol€24.902.2%
+€596.8m		90.6%PE11.5xEnergy
IBE Iberdrola€21.320.4%
+€519.3m		34.1%PE25.2xUtilities
See more

Market Insights

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A strong brand today doesn't guarantee a strong brand forever. Even the most established names can see their pricing power fade over time. In an industry landscape being reshaped by new entrants, shifting tastes and disruptive technology, it's worth understanding how to tell a temporary dip from a permanent decline.
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What makes a lasting brand?

Latest News

REP
€24.90
Repsol
7D
2.2%
1Y
90.6%
ELE
€40.45
Endesa
7D
2.3%
1Y
53.2%
Narrative Update • Jul 21

ELE: Higher Pessimistic Ratings Will Pressure Shares Despite Buyback Framework

The latest analyst update on Endesa lifts the central price target estimate from €21.27 to €27.40, reflecting revised views on fair value, discount rate, revenue outlook, profit margins and future P/E assumptions cited in recent research. Analyst Commentary Recent research on Endesa highlights that, even with higher price targets, some bearish analysts remain cautious about the stock.
CLNX
€24.19
Cellnex Telecom
7D
-3.3%
1Y
-28.0%
NTGY
€28.50
Naturgy Energy Group
7D
-1.7%
1Y
3.5%
GRF
€9.57
Grifols
7D
8.3%
1Y
-18.6%
CABK
€12.91
CaixaBank
7D
3.3%
1Y
71.4%
Narrative Update • Jul 16

CABK: Future Upside Will Depend On Execution After Recent Price Hikes

Analysts have raised the fair value estimate for CaixaBank from €7.54 to €8.91, citing a series of higher price targets from Citi, Morgan Stanley, Deutsche Bank, JPMorgan and RBC. These revised targets reflect updated views on the bank's growth, profitability and valuation multiples.
SAB
€3.27
Banco de Sabadell
7D
2.7%
1Y
12.1%
Narrative Update • Jul 15

SAB: Rich Pricing Will Expose Execution Risk As Cautious Coverage Widens

The analyst price target for Banco de Sabadell has been adjusted slightly higher to €2.57 from €2.48, reflecting updated views on fair value, discount rates and earnings assumptions following a mix of recent target raises and trims across the Street. Analyst Commentary Recent research updates on Banco de Sabadell point to a more cautious tone from several bearish analysts, with a series of price target trims and rating downgrades signalling concerns around how much upside is left at current levels.
IBE
€21.32
Iberdrola
7D
0.4%
1Y
34.1%
AENA
€26.10
Aena S.M.E
7D
-1.5%
1Y
11.0%
Narrative Update • Jul 12

AENA: Traffic Recovery And Regulation Compromise Will Frame Balanced Risk Profile

The analyst price target for Aena S.M.E. has moved higher, with the new fair value estimate rising from about €25.94 to €26.54. Analysts cite improving visibility on airport traffic, solid flight bookings despite geopolitical risks, and the view that Aena is a structurally attractive infrastructure platform with low leverage.
AMS
€48.94
Amadeus IT Group
7D
-1.6%
1Y
-30.7%
Narrative Update • Jul 11

AMS: Mixed Broker Views And Fair Value Signal Balanced Future Prospects

The analyst fair value estimate for Amadeus IT Group has been revised from €53.00 to €50.00 as analysts factor in updated sector views, including a downgrade to Reduce with a €50 price target and mixed price target adjustments from other firms. Analyst Commentary Recent Street research on Amadeus IT Group shows a split in opinion, with some bearish analysts turning more cautious while others, such as JPMorgan, maintain a more constructive stance alongside adjusted price targets.
IDR
€50.68
Indra Sistemas
7D
3.7%
1Y
32.0%
ACS
€117.90
ACS Actividades de Construcción y Servicios
7D
-1.6%
1Y
98.2%
Narrative Update • Jul 09

ACS: Rich Morgan Stanley Upgrade Will Likely Expose Overvaluation Risk

The analyst price target for ACS Actividades de Construcción y Servicios has been revised from €54.82 to €78.10. Analysts attribute the change to updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E, as reflected in recent Street research such as the Morgan Stanley upgrade.
SAN
€11.91
Banco Santander
7D
-0.7%
1Y
64.7%
Narrative Update • Jul 08

SAN: Webster Acquisition And AI Spending Will Pressure Future Returns

Analysts have raised their price target for Banco Santander to €9.73 from €7.10, citing updated assumptions for higher revenue growth, stronger profit margins and a slightly lower future P/E multiple, which together indicate a higher estimated fair value under a reduced discount rate. What's in the News for Banco Santander Regulators have approved Banco Santander's acquisition of Webster Bank at the Office of the Comptroller of the Currency level, while final sign off from the Federal Reserve and European Central Bank is still pending.
FCC
€11.78
Fomento de Construcciones y Contratas
7D
-3.1%
1Y
1.9%
TEF
€3.55
Telefónica
7D
-1.7%
1Y
-22.1%
ITX
€54.10
Industria de Diseño Textil
7D
0.7%
1Y
28.7%
Narrative Update • Jun 17

ITX: Store Optimization And Cash Generation Will Support Consistent Execution At Fair Valuation

Analysts have nudged their average price target on Industria de Diseño Textil up by about €1, to approximately €59. This reflects modestly higher assumptions for revenue growth and profit margins, alongside Street research that highlights Inditex as a relative bright spot in European consumer discretionary with what analysts describe as a compounding growth profile.